DomaCom gains transaction

DomaCom has signed a third national dealer group to its Foundation Partner program, which has now signed a total of 11 Australian financial services (AFS) licensees that advise on a total of $3 billion.

The free financial planning software solution will focus on developing its property trading platform, according to DomaCom founder and former Praemium chief executive Arthur Naoumidis.

"The significance to DomaCom is that even applying a moderate allocation to direct property means there is sufficient potential investment money to launch the property platform.

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"Our focus now will be on the property supply side and completing the technology build," he said.

"Properties with reverse mortgage contracts in place are also in a position to benefit from a new funding source via DomaCom," Naoumidis said.

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